QoodBlock is invited to join the Bosch IoT Lab

SHANGHAI, June 19, 2018 /PRNewswire/ -- As a long-term partner of the Bosch Group, Allen Liang, founder of QoodBlock, was invited by Bosch China, to attend the Bosch IoT Forum held by Bosch IoT Lab on June 11, 2018. The Bosch IoT Lab, a cooperation between the University of St. Gallen, ETH Zurich and the Bosch Group, has been focused on mobility, sustainable living and working, blockchain technology and IoT business models. Currently, many famous car manufactures from the USA, Europe and Japan joined as members, including Volkswagen, Mercedes Benz and BMW.

One important subject of the forum was how blockchain technology and smart contracts could be utilized to implement reliable solutions for the IoT industry. Timo Gessmann, director of the Bosch IoT Lab, also the founder of Bosch Cooperation IoT and blockchain solution, invited QoodBlock to become a member of the Bosch IoT Lab. The Bosch IoT Lab would support deeper cooperation between QoodBlock and automotive industry leaders on IoV (Internet of Vehicles) and blockchain technology supported solutions.

During the forum, Allen Liang and Timo Gessmann had an extensive discussion over a series of issues regarding blockchain and IoV data exchange market, issues such as how to break data isolations among the Telematics, how to deal with "data ownership rights" of IoV data transactions due to the recent GDPR regulations by the Europe Union, and how data security and the classification of data make data exchange efficiently. Allen and Timo reached a conclusion that the introduction of blockchain technology in IoV industry would lead to innovating solutions for secure, legitimate and efficient IoV data exchanges.

QoodBlock is invited to join the Bosch IoT Lab

Currently, the Security and Privacy of IoV Data does not gain the attention it deserves. The data owners (car owners) have to worry about the privacy issues and expensive Telematics service fees. As a result, most users don't willingly pay for the renewal of Telematics services. Thus, the previous IoV infrastructure investments from automobile enterprises are under-utilized. According to the GDPR enacted by the Europe Union, there is a clear redline on information collection, management and utilization, which improve the protection of privacy to an unprecedented height.

The biggest challenge of IoV data transaction is "data ownership rights". Without mutual agreement between vehicle users and auto manufactures, data trading cannot be achieved. For this, QoodBlock provides the QoodShares module for data ownership rights. It is a highly flexible, highly reliable digital ownership distribution framework. Based on QoodShares, vehicle users and auto companies can mutually agree on how ownership of IoV data would be distributed between them, then the IoV data can be traded in the QoodBock data exchange.